Berkshire Hathaway (BRK.A / BRK.B), the holding company of famed investor Warren Buffett, has again increased its stake in oil giant Occidental Petroleum (OXY).
In recent days, Buffett has bought an additional 3.9 million shares of OXY stock, lifting his total stake in the company to 228 million shares worth $14.5 billion U.S.
Following the latest purchase, Berkshire Hathaway holds a 25.8% stake in Occidental Petroleum.
Berkshire paid an average price of $63 U.S. a share for its latest purchase of the oil company’s stock.
The Occidental Petroleum stock buys were disclosed in a regulatory filing made with the U.S. Securities and Exchange Commission (SEC).
Berkshire’s increased stake in Occidental comes amid a wave of consolidation in the U.S. energy sector, with Chevron (CVX) recently bidding $53 billion U.S. to acquire rival Hess Corp. (HES).
There has been speculation that Buffett plans to buy all of Occidental Petroleum, something the legendary investor has dismissed, saying he plans to retain only a minority stake in the oil producer.
Occidental Petroleum’s stock has declined 13% over the last 12 months to trade at $63.27 U.S. per share.
Berkshire Hathaway’s Class B stock has risen 17% in the past year and currently trades at $336.90 U.S. a share.
